Kraken Exchange Review : Fees, Wallet, Margin, Scam or Legit ?

Speaking about the world of cryptocurrencies and their exchange platforms they are simply defined by two words “risk” and “profit”. The higher risk might lead you to the higher profit. The most important role which comes into the play is the traders level of trading.

Here at coinraja, we give you information about different types of cryptocurrencies and their exchange platform. Also, we try to provide you some of the offers to start your trading career in the cryptocurrency market. For detailed information about exciting offers and coupons of coinraja, you can visit our Deal section.

however, as a trader, you need to understand that you can study and take information from here but the implementation is a thing which you can only do. We all know that different types of cryptocurrencies and their exchange platforms have some sort of risk. So today we are going through Kraken Exchange Review.

Kraken Exchange Review

Kraken is one of the most ancient Bitcoin exchange platforms in the Digital market. This exchange platform was founded in the year of 2011. In the beginning of Kraken, it was only supporting Bitcoins. Although going through further upgrades now Kraken is supporting some more trending Altcoins of cryptocurrency world.

Kraken is available as a Global exchange platform with some rejections. If you living in a country or a region where Kraken service is not available you will see a pop-up of “pre-verified”. In this case, you cannot do anything much.

Kraken is a San Francisco based company. Sometime before Kraken was the largest Bitcoin exchange platform among all the cryptocurrency exchange platform. kraken is mediated as the largest Bitcoin and Altcoin exchange based on the trade against government provided fiat currencies Euro volume, Canadian Dollars, US Dollars, British Pounds, and Japanese Yen.

Now in the year of 2017, it has been defeated by Bitfinex holding the volume of total 5.77 million traded Bitcoins, nearly double from Kraken holding total volume of 3.65 million traded Bitcoins.

Now there are some reasons behind this, that why Kraken is Beaten by Bitfinex. What was the lacking point, that put behind Kraken? We are going to tell you everything in this Kraken review. Meanwhile, if you want information about Bitfinex you can read Read our post on Bitfinex Guide.

so this is short Kraken Exchange Review. lets see some other feature of Kraken Exchange.

kraken supported coins ?

Kraken supports following currencies

US Dollar

Canadian Dollar

GB Pound

Euro

Yen

How to do Verification with Kraken according to Deposit and withdrawal limits?

Process of verification is one of the most important part of Kraken Exchange Review post.The verification process of Kraken in the initial stage will be easy. Going through further in the higher sections there are four Tiers.

Your ability to trade and features will increase with the increment of Tier verification. So the more you verify the more will be easy for you to trade on this exchange platform.

Tier 1 and 2 will also take some minutes for the entire verification process but if the application requires manual review than it will take some longer time. For the verification of Tier 3, it will take a couple of days for the whole verification process to be completed.

We will go Tier by Tier so that it will be easy for you to understand the verification process but before that let me inform you that Kraken doesn’t allow deposit and withdrawal or trading without verification.

kraken Tier 1 verification

You can Deposit and withdrawal only in digital currencies.

By verifying TIER 1 deposit and withdrawal can be done in digital as well as Fiat currencies.

Fiat deposit and withdrawal are not possible.

No limit on depositing in digital currencies.

Withdrawals are limited to $2,500 per day and $20,000 per month.

TIER 1 verification requires

Full name

Date of birth

Country of residence

Phone number verification

kraken Tier 2 verification

Deposit and withdrawal and trading can be done in digital currencies.

You can get access to the fiat currencies but it depends on which country you are living.

Deposit and withdrawals in fiat currency are limited to $2,000 per day and $10,000 per month.

Cryptocurrency withdrawals are limited to $5,000 per day and $50,000 per month.

TIER 2 verification requires only User’s address.

kraken Tier 3 verification

Here deposits and withdrawal in fiat currency are available.

Funding limits are higher than TIER 2.

Here margin trading is also allowed.

In order to deposit fiat currency in the US, Canada, Japan, Germany, and other countries depending upon the type of currency TIER 3 verification is mandatory.

Fiat deposit and withdrawals are limited to $25,000 per day and $2,00,000 monthly.

Withdrawals in digital currencies are limited to $50,000 per day and $2,00,000 per month.

TIER 3 verification requires

Valid government ID

National ID card photo

Social security number for US resident

ID confirmation photo for German resident

Recent proof of residence

kraken Tier 4 verification

In TIER 4 you can work as individual as well as in corporate

TIER 4 verification requires

For individual account KYC document and a signed application form is required.

For corporate account contact support is mandatory.

How kraken works ?

To start trading you need to be get verified first according to your needs of TIERS mentioned above.

Click on the “get verified” option available under overview section.

After you get verified click on the “Funding” button available on the same page on the upper left-hand side.

Now you will be moved to the available cryptocurrency page.

Here you will get the options for digital currencies as well as for fiat currency on the extreme left-hand side of the page.

Again for deposit your fund in fiat currency you need to be the first get verifies according to the procedure.

Select your cryptocurrency or fiat currency which you would like to deposit.

After selecting your operation you will be directed towards your deposit address.

On the bottom of the page, you will see your deposit address which will be used for receiving an address for the Kraken account.

Here you will also get the QR code option.

So using your mobile you can scan that code and send to that address.

You can also generate your new address.

You can send you which ever cryptocurrency available to begin your trading on Bitcoin.

After that for trading come to the home page and select the option of “trade” available on the extreme upper left-hand side of the page.

Select your pairing which you would like to trade.

Put the amount which you would like to trade.

Buy & Sell at Kraken

For Buying and Selling when you put your amount automatically you will see your amount of trade according to the Highest Bid on Kraken at the real market time price.

You can also see the highest and lowest price of your selected pairing on the same page available on the extreme up to the page on the Black Bar option.

So shortly just select new order under trade, select the options between simple, intermediate or advanced according to your skill of trading and then select the operation BUY/SELL put the amount according to that and click the option below.

You can see your orders on the same page after the “new order” option selects the tab of “orders”.

kraken Trading fees?

As your trading volume will increase the trading fees will decrease nearly to 0.00% for the maker and 0.10% for the taker.

At this exchange platform you can trade between less than ten cryptocurrencies but you can make direct trades between all the available pairs.

With five fiat currency trading option there are many options for traders to trade on the Kraken exchange platform.

Available pairs are

XBT ( BTC)/EUR

XBT/USD

ETH/XBT

ETH/USD

ETH/EUR

ETC/XBT

ETC/ETH

ETC/USD

ETC/EUR

REP/XBT

REP/EUR

REP/ETH

PROS of kraken

A popular platform for intermediate or advanced traders.

Low fees.

Highly reputed exchange platform.

Kraken stands on 5th rank in the world of leading cryptocurrency exchange platform.

Margin trading supported.

Short selling available.

Support for wide range of cryptocurrency as well as for the fiat currencies in terms of high-volume.

Only exchange platform selected to support an investigation into Mt. Gox’s stolen Bitcoins.

Bitcoin cash credited to all users and now open for trading.

Kraken was the first exchange to carry out proof-of-reserve auditing.

Free deposit for EURO, Candian Dollar, and Japanese Yen.

Super fast SEPA withdrawals.

Give more security using 2FA authentication.

CONS of kraken

The user interface is not beginner friendly like Binance or Bittrex. You will surely take time to understand UI of kraken. This is one of the important Cons in Kraken Exchange Review.

Weak support for mobile platforms.

Limited payment methods.

Account verification is also Bit slow.

Also has some updating problems when the market gets hot.

Up to $15 fees for every fiat deposit and withdrawals through SWIFT (international bank).

Volume lags a bit in BTC/USD

Kraken holds the private keys to your accounts crypto address.

Slow buggy process for orders making it tough for professional traders.

Conclusion

Now Kraken is the trusted government authoritative in Japan, coordinated by the banks throughout Europe. This helps to make Kraken as one of the respected exchange platform available. Kraken offers competitive service for digital investors providing the ability of trading Bitcoins and also trade Digital Tokens against Fiat currency. Kraken exchange is also transparent, offering proof of reserve audits with a high level of security.

Although there are some difficulties that are users facing on this exchange platform as most of the support services are closing day by day some because of the security issue and some because of service issue.

The exchange platform is somehow lagging behind in terms of services as well as in the upgrades of the interface to fulfill the user’s aspects. This is leading to the question about the developing team, fund security, and transparency. So this is my Kraken Exchange Review.

Nowadays most of the traders are not likely using Kraken because of the service issues. If you want the alternative of Kraken there are many options available in today’s digital market such as Binance, Bittrex, Bitfinex, coinsecure, changelly etc.

So that’s all I have for Kraken. I hope Kraken Exchange Review post will help you to gain all the information about Kraken. If you still facing some kind of issues please let me know in the comment section.

About Author

Mahesh Chaube

Hey,
This is Mahesh Chaube, computer Engineer by Education and Crypto Blogger by Profession From Mumbai. Here at coinraja i write about money making and Reviews on Cryptocurrency Related Thing. I hope you are enjoying My post.
cheers !!